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Tag Archive for ‘Interest rate’

Gold Imports: How Genuine Are China’s statistics?

With 800 tons of gold poised to be imported by China this year, the Middle Kingdom is supposed to equalize India in gold imports. This year, India too is expected to import only 800 tons of gold. [For the next year the country may see only imports to the tune of 550 tons as the […]

Word Bank loans Vietnam $449 million to improve power transmission

HA NOI (VNS)- The Word Bank yesterday signed an agreement with the Electricity of Viet Nam to provide credit of US$449 million to the Electricity Distribution Efficiency Project in Viet Nam. The project, which aims to improve electricity distribution networks across the country in an environmentally-friendly way, will upgrade infrastructure and install new transmission lines. Under the project, smart grid technologies will be introduced to the Electricity Regulatory Authority of Viet Nam and five electricity corporations in the northern, central and southern regions, including in Ha Noi and HCM City. The…

International partners help improve Vietnam’s power supply

Three international agencies have jointly financed a USD800 million project to help ensure a stable power supply in Vietnam. signing-ceremony-738140-dep-signing-nov82012-5b2-5d The Electricity of Vietnam Group (EVN), five power corporations and the World Bank signed a financing agreement on November 8 for the project. The WB will lend USD449 million with an annual interest rate of 1.25% over 25 years and a five-year grace period. The Clean Technology Fund will provide a USD30 million loan at an annual interest rate of 0.75% over 20 years and a 10-year grace period. Meanwhile, the Australian Agency for International Development…

Eximbank lowers dong deposit rate

As per the interest rate benchmark, effective from November 8, Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) has adjusted down the dong deposit rate. Accordingly, the bank’s high dong saving rate for individuals has been adjusted down strongly in all products whereby the levels of 12.5-12.8 percent per year earlier have been lowered to […]

Lacking capital, Vietnam’s power projects reach deadlock

VietNamNet Bridge – A series of thermo and hydro power plant projects have been going slowly at a snail’s pace because of the lack of investment capital. Some contractors have even run away from the construction sites. Power projects need money to run Le Quang Hao, General Director of the Finance and Energy Development Company, the investor of Tr’Hy hydropower plant in Tay Giang district of Quang Nam province complained that the project has made no move ahead because of the lack of capital. Before kicking off the hydropower plant project, the investor signed the contracts on the project funding…

Brent Slips Below $107; Market Frets About US, Europe

Brent December crude rose slightly in very choppy trading on Thursday, recovering from a steep plunge in the previous session, but held back by trepidation over Europe’s economy and approaching U.S. tax increases and spending cuts. Crude oil’s rebound came after Brent futures dropped nearly 4 percent and U.S. crude slumped almost 5 percent on Wednesday as problems facing European and U.S. economies applied pressure, along with data showing rising oil stockpiles in the United States. Wall Street eased lower despite the release of positive economic data, as investors prepare for heated negotiations in Washington to avoid the “fiscal…

Vietnam State Bank Urged To Remove Deposit Ceiling Interest Rate Mechanism

VietNamNet Bridge – The interest rates will surely not decrease. If the biggest problem of 2011 was the weak liquidity, the problem of 2012 and 2013 is the bad debt. Le Xuan Nghia, Member of the National Advisory Council for Finance and Monetary Policies, policy makers have no other way than focusing on the task of restraining the inflation. “It is impossible to lower the interest rates further. And the State Bank should think about whether it should maintain the current ceiling deposit interest rate policy,” Nghia said. The economist has warned that if the ceiling interest rate scheme is maintained, this…

Eximbank lowers gold deposit rate

Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) has recently said that in its “Gold term, gold incentives” programme (the programme has the highest interest rate), the bank has narrowed the saving term since October 30. According to the recently applied saving interest rate benchmark, the deposit term has been narrowed to two weeks (it […]

SBV pumps more than 6.8tr dong on OMO last week: BVSC

As per the weekly bond report from October 29 to November 2 of Bao Viet Securities Co (BVSC), after seven weeks in a row of net withdrawal on open market operations (OMO), the State Bank of Vietnam (SBV) switched to net injection with a volume of 3.915 trillion dong. The net injection was made mainly […]

Gold hits 2-month high on US presidential election’s developments

The local gold price has increased VND550,000 ($26.4) a tael day-on-day following the global trend with a weakening US dollar given the outcome of today’s US presidential election. The price has also hit a 2-month high. As of 10:00 am, the benchmark price of Saigon Jewelry Co (SJC) gold bullion was quoted at VND46.65 million a tael and VND46.85 million a tael for bid and ask, respectively. Meanwhile, the respective prices offered by the Hanoi-based DOJI group rose by VND420,000 a tael and VND570,000 a tael for bid and ask to meet…